The fifth hard fork since its launch resulted in a surge of as much as 6% in the price of cryptocurrencyethereum. The hard fork, also known as Byzantium, was locked in at block 4,370,000.

Ethereum's price jumped to $351.67 upon news of Byzantium's successful implementation. Within the past seven days, the cryptocurrency's price has increased by 12.81%. Along with bitcoin, which reached record highs last week, ethereum's price has skyrocketed this year. It started the year at $8.07 and is currently trading at $335.43, an increase of 1.06% from the day's start. Part of the reason for the increase in ethereum's price is the increased adoption of its blockchain network as well as the growing accessibility of the cryptocurrency. For example, Nasdaq's Sweden exchange offers two exchange-traded notes (ETNs) that track ethereum’s price on a daily basis. (See also: Ethereum Price Surges, Following Bitcoin Gains).    

The Byzantium fork implements several security and smart contract enhancements to the ethereum blockchain network. For example, it is expected to increase transaction speeds and privacy. Some startups have already begun using the enhancements to offer custom solutions to Wall Street that enable client and transaction confidentiality. (See also: 'Zero Knowledge Proofs' Could Boost Blockchain Adoption on Wall Street.)

Analyzing the currency's price movement, online publication Cointelegraph writes that ethereum's price might jump above $390 in the coming days if bulls have their say. Specifically, the publication states that a closing price of above $350 within the next two days will propel the cryptocurrency's rise. However, if the currency does not close above that price, then "bears could sink it to $316 levels," writes the publication. (See also: Bitcoin to Surge 80% to $5,000, Ethereum to Double: Analyst.)